Kevin Smith

GLP-1: Winners and Losers in Shifting Consumer Habits

GLP-1 drugs are reshaping consumer habits, with an impact that is still unclear today, but which is poised to weigh more heavily on corporate earnings by 2030.

13 May 2026 at 03:48 pm AEST

Market Applauds Vodafone's Restructuring

The British telecom giant continues to overhaul its portfolio through a series of strategic divestments and acquisitions.

12 May 2026 at 09:43 pm AEST

Uniper richly valued on the eve of its reprivatization

Brought to its knees by the German-Russian divorce, then rescued in the midst of a collapse by the Federal State, the German energy giant has reached a new crossroads.

12 May 2026 at 06:49 pm AEST

S&P 500: Strongest Earnings Growth Since 2021, Fueled by AI

The Q1 earnings season is currently providing a solid case for investors defending the Wall Street rally. According to FactSet, 89% of S&P 500 companies have reported their results, with 84% beating EPS estimates and 80% exceeding revenue expectations - figures that sit well above historical averages.

12 May 2026 at 04:10 pm AEST

Is AI Inflationary or Deflationary?

Artificial intelligence promises a revolution in terms of productivity, leading to a wealthier, more efficient, and perhaps even more solvent economy. However, in the bond markets, this grand promise has yet to deliver the expected shock: announcements of increasingly efficient AI models have neither pushed down US yields nor visibly reduced the country's fiscal risk premium. In other words, while Wall Street admires the technology, the rates market is still waiting for proof.

11 May 2026 at 11:36 pm AEST

Pool Corp caught by the laws of gravity on the stock market

The American distributor of swimming pool equipment and supplies, which largely dominates its sector in terms of geographic footprint and market share, is suffering the knock-on effects of the real estate market downturn.

11 May 2026 at 08:43 pm AEST

Amadeus valuation returns to Covid-era levels

Despite dominating an oligopolistic sector as the primary provider of the IT plumbing for airline reservation systems, the Spanish technology group has ultimately delivered a lost decade to its shareholders.

11 May 2026 at 05:11 pm AEST

Semiconductors propel Wall Street despite renewed tensions in the Strait of Hormuz

US markets advanced on Friday, buoyed by stronger-than-expected job creations and a fresh surge in artificial intelligence-related stocks, despite Middle East tensions flaring up. The S&P 500 rose 0.84% to 7,398.9 points, the Nasdaq 100 climbed 2.35% to 29,235.0 points, marking a new closing record, while the Dow Jones remained near fairly flat (+0.02% at 49,609.2 points).

10 May 2026 at 02:07 am AEST

Costco signals firmer US demand, despite high gasoline prices

Costco's April sales figures demonstrate highly resilient and accelerating household consumption in the United States, even after adjusting for calendar shifts, foreign exchange, and gasoline price volatility.

08 May 2026 at 03:17 pm AEST

Coinbase caught up in weak crypto market

In an environment that remains unfavorable for cryptocurrencies, Coinbase has reported Q1 results that illustrate the disconnect between its strategic progress and its still-limited impact on the bottom line. The stock fell about 4% in after-hours trading on Thursday, extending a YTD decline of about 20% following the crypto retreat.

08 May 2026 at 03:11 pm AEST

Expedia penalized, despite beating quarterly expectations

Expedia Group shares fell approximately 5% in after-hours trading, despite reporting quarterly results that exceeded expectations. The online travel group posted Q1 revenue of $3.43bn, up 15% y-o-y, compared to a consensus near $3.35bn. Adjusted EPS reached $1.96, significantly above the $1.41 expected by the market.

08 May 2026 at 06:56 am AEST

Zoetis Plunges on Earnings Miss and Lowered Guidance

Zoetis shares tumbled on Wall Street following a quarterly release that calls into question the resilience of its historical growth engine. The stock plummeted 20%, marking the steepest decline in the S&P 500, and bringing its YTD losses to approximately 30% and 40% over the past twelve months.

08 May 2026 at 06:52 am AEST

Goldman Sachs and McKinsey bring the AI boom back to its physical constraints

As tech giants ramp up their AI spending announcements, Goldman Sachs warns that the trend involves more than just purchasing chips or building new servers. In its baseline scenario, the bank estimates that AI infrastructure could require approximately $765bn in spending by 2026, rising to $1,600bn by 2031, representing nearly $7,600bn in cumulative investment between 2026 and 2031 across computing, datacenters, and energy.

08 May 2026 at 06:48 am AEST

Goldman Sachs and McKinsey bring the AI boom back to its physical constraints

As tech giants ramp up their AI spending announcements, Goldman Sachs reminds investors that the challenge extends far beyond purchasing more chips or building new servers. In its baseline scenario, the bank estimates that AI infrastructure could require approximately $765bn in spending by 2026, rising to $1,600bn by 2031, representing nearly $7,600bn in cumulative investment between 2026 and 2031 across computing, data centers and energy.

08 May 2026 at 06:44 am AEST

AppLovin slips despite earnings beat

AppLovin posted quarterly results that topped expectations, although this failed to reverse the pressure on its stock, which fell about 2% in after-hours trading on Wednesday. The group generated Q1 revenue of $1.84bn, up 59% y-o-y and up 11% sequentially, beating the consensus of $1.77bn. Diluted EPS reached $3.56, ahead of the $3.444 anticipated, while adjusted EBITDA rose to $1.56bn, representing an 85% margin and confirming the high profitability of its advertising engine.

08 May 2026 at 12:41 am AEST

Campari disappoints but still top of the class

In a spirits sector that remains jittery, and which some fear is evolving along the same lines as big tobacco, news is currently being met with a certain sense of drama.

07 May 2026 at 10:25 pm AEST

Market Miscellany: AI continues to fuel market euphoria… but not for employees

While Wall Street celebrates artificial intelligence and robust corporate earnings, the US economy is sending more mixed signals. In the tech sector, layoffs are piling up, despite the AI-driven frenzy.

07 May 2026 at 09:59 pm AEST

Lufthansa still flying through turbulent zones

Airlines are facing cut-throat competition, extreme capital intensity and recurring conflicts, coupled with a frequently heavily unionized workforce.

07 May 2026 at 08:05 pm AEST

Bank of America data points to a stronger, but more unequal, US economy

Internal data from Bank of America shows a US economy that remains resilient, driven by employment and high incomes, yet weakened by gasoline prices and credit constraints.

07 May 2026 at 06:56 am AEST

Marex slides despite record quarter as volatility outlook weighs

Marex, the global financial platform specializing in market access, clearing, market making, and hedging solutions, posted Q1 results that beat expectations. The Nasdaq-listed group reported revenue of $692.3m, up 48% y-o-y, surpassing the consensus of $682.7m. Adjusted EPS reached $1.57, ahead of the $1.38 anticipated.

07 May 2026 at 06:52 am AEST

TrendForce raises 2026 capex forecasts for cloud giants to $830bn

As AI-related computing requirements continue to outpace initial projections, TrendForce now estimates that the world's nine leading cloud service providers are set to invest approximately $830bn in 2026. This forecast implies a 79% annual increase, up from a previous estimate of 61%, representing an 11% upward revision of the expected 2026 budget based on reported growth rates.

07 May 2026 at 04:21 am AEST